SPEECH BY THE HON EDWARD FENECH ADAMI, PRIME MINISTER, AT THE INAUGURATION OF THE "MED TRADE CONFERENCE AND EXHIBITION 2000".

In a world swept by globalisation, it is opportune for key players in the international movement of goods to take stock of their respective sector?s contribution to trade and connectivity. A fundamental aim of this stock taking should be the translation of globalisation and technological development into the economic well-being of all citizens.

The Mediterranean, with its historical tradition of centrality in world affairs, will be expected to assume the role of a chief economic agent in the spread of this progress and prosperity. I trust that your deliberations over the next two days will ensure that the shipping and port industry is better equipped to handle the challenges that lie ahead. To quote from one of our great regional philosophers, Aristotle: ? the outcome of successful deliberation is generally assumed to be something good?.

The spread of global economic integration rests on our propensity to innovate. It should be our mission to promote the Mediterranean as a centre of excellence, where efficiency, spurred by competition, drives our progress. Progress can only be achieved if we constantly review and adjust the way we do things in response to external developments. In this context, my Government?s strategy of promoting Malta?s profile in the maritime and transport sector was an innovative response to changes in the way goods are transported.

By capitalising on our geographic location and maritime tradition, my Government recognised that Malta could create its own niche as a hub for transhipment and other maritime services in the centre of the Mediterranean. The success of Malta Freeport, and indeed of our maritime sector as a whole, is the fruition of this vision.

Since its inauguration in 1991, the Freeport?s throughput has increased tenfold to pass the one million per year mark and is now a leading port in the world container traffic. When I inaugurated the Terminal Two project last year, I stated that Malta Freeport stands as a symbol of our commitment to progress. Its conception, construction and development is indeed a success and an achievement.

Since 1987, Malta Freeport has been responsible for:

• constructing two container terminals;

• setting up companies to manage the industrial storage activity;

• constructing a Freeport Centre;

• providing official rental services for Malta Freeport clients; and

• setting up a training centre for Malta.

With this strong foundation in place, a reorganisation was implemented last year to differentiate operational responsibilities from regulatory functions. This development is important as it marks another phase in the evolution of Malta Freeport: one defined by privatisation.

The privatisation of Malta Freeport is a milestone not only for the company but also for the country as a whole, as it will set the blueprint for the privatisation of other government holdings. A Committee specifically set up for this assignment is presently finalising the bid documents with the assistance of Advisors of international repute.

Concurrently with the development of Terminal Two and the organisational restructuring mentioned, Malta Freeport embarked on another challenge. It invested in the development of another container facility in Brindisi. Malta Freeport?s involvement spans the design, contract documentation and technical construction of the project. It also provided managerial and human resources support in the initial phase of the project, and the planning and implementation of training and development programmes for new recruits. This development is characteristic of Malta Freeport?s resourcefulness and sense of mission, which is nurtured through practical wisdom, good deliberation and the sharing of ideas.

Ladies and Gentlemen

My Government supports the manifest readiness of port and shipping operators to adapt to change so that our role in the globalisation process is a strong one. In this respect it gives me great pleasure to formally inaugurate the Med Trade Conference and Exhibition 2000.